Air Canada 2012 Annual Report Download - page 77

2012 Management’s Discussion and Analysis
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19. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures and Internal Controls over Financial Reporting
Disclosure controls and procedures within the Corporation have been designed to provide reasonable assurance that all
relevant information is identified to its President and Chief Executive Officer (“CEO”), its Executive Vice President and Chief
Financial Officer (“CFO”) and its Disclosure Policy Committee to ensure appropriate and timely decisions are made regarding
public disclosure.
Internal controls over financial reporting have been designed by management, under the supervision of, and with the
participation of the Corporation's CEO and CFO, to provide reasonable assurance regarding the reliability of the Corporation’s
financial reporting and its preparation of financial statements for external purposes in accordance with GAAP.
The Corporation will file certifications, signed by the Corporation's CEO and CFO, with the Canadian Securities Administrators
(“CSA”) upon filing of the Corporation’s Annual Information Form. In those filings, the Corporation’s CEO and CFO will certify,
as required by National Instrument 52-109, the appropriateness of the financial disclosure, the design and effectiveness of the
Corporation’s disclosure controls and procedures and the design and effectiveness of internal controls over financial reporting.
The Corporation’s CEO and CFO also certify the appropriateness of the financial disclosures in the Corporation’s interim filings
with securities regulators. In those interim filings, the Corporation’s CEO and CFO also certify the design of the Corporation’s
disclosure controls and procedures and the design of internal controls over financial reporting.
The Corporation’s Audit, Finance and Risk Committee reviewed this MD&A and the audited consolidated financial statements,
and the Corporation’s Board of Directors approved these documents prior to their release.
Management’s Report on Disclosure Controls and Procedures
Management, under the supervision of and with the participation of the Corporation's CEO and CFO, evaluated the
effectiveness of the Corporation's disclosure controls and procedures (as defined under National Instrument 52-109) and
concluded, as at December 31, 2012, that such disclosure controls and procedures were effective.
Management’s Report on Internal Controls over Financial Reporting
Management, under the supervision of and with the participation of the Corporation’s CEO and CFO, evaluated the
effectiveness of the Corporation’s internal controls over financial reporting (as defined under National Instrument 52-109). In
making this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commissions (“COSO”) in Internal Control – Integrated Framework. Based on that evaluation, management and the
CEO and CFO have concluded that, as at December 31, 2012, the Corporation’s internal controls over financial reporting were
effective. This evaluation took into consideration the Corporation’s Corporate Disclosure Policy and the functioning of its
Disclosure Policy Committee.
Changes in Internal Controls over Financial Reporting
There have been no changes to the Corporation’s internal controls over financial reporting during the year ended December 31,
2012 that have materially affected, or are reasonably likely to materially affect, its internal controls over financial reporting.